The United States Treasury’s Office of Foreign Assets Control (OFAC) has made important shipping-related changes to its Iran sanctions regime. The National Iranian Tanker Company (“NITC”) and many related companies have been added to the list of blocked parties (the “SDN list”), together with several dozen vessels. Several banks with links to Iran and other entities have also been added to the SDN list.
The additions are made with immediate effect. As a result, any dealings involving the listed entities require prompt attention, as the listing may impact bank transfers, insurance cover and other contractual arrangements.
The full list of parties which have been added to the SDN list can be found on the OFAC website, together with a press release which gives details of the latest amendments and includes a more detailed fact sheet.